Toggle, a new millennial-centric insurance brand backed by Farmers Insurance, has been launched to mark arrival of a reimagined insurance brand built for digitally-powered consumers.

Image: Toggle, a new insurance brand is launched. Photo: Courtesy of everydayplus/FreeDigitalPhotos.net.

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Toggle is reimagining insurance by giving consumers a simple, affordable and customizable product, with coverages built to address the needs of today’s consumers.

More than just delivering a slick new user interface, the insurance ninjas at Toggle have built a new platform, from the ground up, designed to deliver a one-of-a-kind insurance experience. From using gamification to allow consumers to adjust their coverage options, to tossing out the industry standard renters insurance policy and crafting a completely new one from scratch (which, incidentally, is one-third the length, much easier to understand and still includes coverage like flood and earthquake typically excluded in other renters policies), Toggle is intent on changing the way insurance is offered and delivered.

Toggle head Stephanie Lloyd said: “We recognize today’s consumers want more from their insurance beyond just coverage – they want options that empower their unique lifestyles.

“Rather than build a ‘one-size-fits-all’ solution, we are looking to fundamentally change the insurance ecosystem with Toggle, as we focus on flexibility and customization, without sacrificing the simplicity and ease-of-use consumers demand today.”

Digitally-active consumers present new expectations for the insurance industry, providing insurers the opportunity to serve up specific solutions for the unique needs of today’s consumers. Toggle discovered that almost 60% of renters do not have renters insurance.

Acknowledging existing gaps and anticipating future needs, the insurance prodigies at Toggle created agile solutions for today’s renters, while re-imagining the insurance space.

With Toggle, renters can choose an insurance subscription that is right for them by toggling different elements of coverage up, down, on or off , with optional add-on features designed to simplify and help them solve for their needs.

These add-ons include a compelling tech package with broader coverage than some brand specific standalone warranties, starting at just $9 a month; a feature called Credit Lift, which will help members who make on-time rent payments boost their credit score; and Side Hustle, which is designed to provide coverage for customers who supplement their primary income with a side business. With many other exclusive features, the variety and flexibility of the packages provide renters more options to adjust their coverage as their lives change.

The foundation of the service is three subscription levels – basic, standard and premium – starting as low as $5 per month. While the policy is based on an annual coverage period, members have the opportunity to make changes or cancel at any time. All subscriptions carry a minimum of $100,000 in liability coverage, at least $1,000 in blanket contents coverage, and offer the ability to increase coverage as needed to cover additional belongings.

In addition to choosing the subscription that is the best fit for one’s life, Toggle offers a diverse range of available coverages and features designed to accompany members through their life’s journey, including:

Credit Lift, powered by RentTrack, which reports members’ rent payments to all three major credit card bureaus and can help build their credit score. On average, users see their credit scores increase by 29 points after 2 months.

Always On Portability means members’ belongings are covered at home, while they’re traveling or moving and anywhere in between.

Pet Parent offers members protection for injuries caused by their pet to another person, covers boarding costs if a covered loss or damage makes their residence unfit to live in, and covers damage to their residence caused by their pet.

Side Hustle covers the things members use to make extra money on the side, like the camera for a food blogger, or the laptop and sound equipment for a DJ. It even covers personal injury for online social influencers and lost wages.

Identity Protector covers subscribers with instant identity alerts, allowing the customer to log in and see changes, as well as keep track of alerts in order to take action in real time, if needed.

While Toggle is a new brand, it is backed by the financial strength, insights and experience of Farmers Insurance, giving it a foundation of 90 years of industry-leading product development and first-rate customer service.

Toggle initially launched on 1 October and is available in Illinois and Wisconsin.

said Lloyd “The insurance marketplace is changing and our team of inspired disruptors – our Toggle brainiacs – also happen to be experienced insurance professionals, so when we are developing new products and services, we’re able to start much higher on the development curve.

“We’re excited about the future and we’re excited about our role in bringing inspired and innovative leadership to our industry.”